ADM third-quarter profit rises, sales fall

BenEisen

NEW YORK (MarketWatch) - Archer Daniels Midland Co.
ADM, -1.01%
reported its third-quarter profit rose to $476 million, or 72 cents a share, from $182 million, or 28 cents a share, a year earlier. Adjusted to exclude LIFO credits and other items, the company earned 46 cents a share, down from 53 cents a share a year earlier. Revenue fell to $21.4 billion, from $21.8 billion a year earlier, the agriculture company said Tuesday. Analysts had expected adjusted earnings of 46 cents a share on revenue of $21.1 billion, according to FactSet. The firm cited strong performance in oilseed and corn products, despite lingering effects of last year's drought. Shares in Archer Daniels Midland were inactive in premarket trading.

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